The National Bureau of Statistics (NBS) announced on Monday, July 15, that Nigeria’s inflation rate climbed from 33.95% in May 2024 to 34.19% in June 2024.
In its “CPI and Inflation Report June 2024,” the NBS highlighted the increase: “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%.”
The Bureau emphasized that this represents a 0.24% rise in the inflation rate compared to the previous month.
Year-on-year, the inflation rate saw a significant increase of 11.40 percentage points, up from 22.79% in June 2023.
The report also pointed out that the month-on-month inflation rate for June 2024 was 2.31%, marking a 0.17% increase from the 2.14% recorded in May 2024. This indicates a higher rate of price increase in June compared to May.
